Kazakh Samruk-Kazyna fund’s shares in BTA Bank may be sold before late 2013

Business Materials 20 November 2013 20:48 (UTC +04:00)

Astana, Kazakhstan, Nov. 20

By Daniar Mukhtarov - Trend:

The shares of Kazakhstan's Samruk-Kazyna National Welfare Fund in the BTA Bank may be sold before late 2013, deputy chairman of the JSC Samruk-Kazyna, Elena Bakhmutova said on Nov. 20 at a press conference in Astana.

Bakhmutova said that opportunities for potential strategic investors wishing to purchase BTA Bank's shares, owned by the Samruk-Kazyna, are being studied, following the exhaustion of the Halyk Bank's exclusive right by the refusal.

According to the fund's deputy chairman, a potential buyer will be determined by late 2013.

"A memorandum of understanding will be concluded in case if their applications satisfy the fund's demands," Bakhmutova added.

The fund's deputy chairman also said the sale of the BTA Bank's controlling stakes is necessary in order for the bank to take a more active role in the market.

Bakhmutova added that according to reports for nine months of 2013, the BTA Bank's property is 296 billion tenges in the international financial reporting system. Over the nine months, the bank made ​​a profit of 24 billion tenges. The bank has a positive interest margin.